Recently, the British government allowed additional lands to be made available for gas and oil exploration. This is the first such move in more than eight years, and it promises to open up quite a few more opportunities in the area. The encouragement of the Prime Minister to begin looking for onshore options for oil and gas is a very good sign for a number of different reasons.
First, it helps to provide the nation with more options when it comes to having oil and gas production within the country. This is particularly important in Britain, as they have been seeing a bit of a decline when it comes to their offshore oil production in the North Sea. Second, it helps to reduce their dependence on buying their oil from foreign countries, such as Russia. It is always a good idea for countries to remove the need to capitulate to other countries for their oil. Third, this has the potential to create a number of new jobs within the country.
The United States has already seen success and growth in the area of drilling and exploring for oil and shale gas onshore, and Britain wants to be able to replicate that success. David Cameron wants Britain to be able to enjoy the same economic benefits. The business and energy minister, Matthew Hancock, agrees with this, and believes that it has the potential to provide the nation with “greater energy security, jobs, and growth.”
The changes to the rules and regulations of shale gas exploration have been slow in coming, but they have been steady. The additional changes are finally helping the country to see more progress in this area. This makes Britain a good option for those who have an interest in shale investment, naturally.
Many other countries in Europe like the idea of reducing their dependence on foreign oil, but they are not yet on board with the idea of “fracking”. They fear the environmental affect it could have. Britain is something of a test subject for Europe. Other nations will likely be watching what happens and, if the results are as good as many believe, those other nations may eventually open up their own shale exploration options.
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